ASX stages broad-based rally, Telstra jumps after raising prices

“We’re excited about the opportunities Queensland presents for ANZ and our customers – including by tapping into the state’s growing tech sector and skilled workforce,” ANZ chief Shayne Elliott said.

“Over a five-year period, we will hire or place 700 people into our new major tech hub in Brisbane, bringing new career opportunities for Queenslanders.”

The laggards

West African Resources shares lost 2.8 per cent, Capricorn Metals and Neuren Pharmaceuticals both dropped 2.5 per cent and Treasury Wines was down 2 per cent.

Energy was the weakest sector but still rose 0.2 per cent, as Santos and Viva Energy shares both lifted 1.3 per cent.

The lowdown

NAB released its monthly business survey and Westpac released its consumer sentiment survey on Tuesday, and both pointed to an economy that was continuing to slow, despite some mixed data points, according to CreditorWatch chief economist Anneke Thompson.

Business confidence has improved despite consumer sentiment dropping 1.1 per cent. “These two results are difficult to reconcile, however may be explained by businesses reporting easing in labour costs, purchase and final product prices, but continued high-capacity utilisation. While the indicators are subtle, these results broadly point to businesses still being busy, but demand starting to cool,” Thompson said.

The Reserve Bank would “get a sense of relief” from the results, she added, as consumers would have to pull back on spending in order for inflation to cool. “They will also be relieved that the labour force still appears strong … While these are just two data sets, neither points to an economy heating up again, and inflation being pushed higher, which would be a worst-case scenario for the RBA,” Thompson said.

Overnight on Wall Street, the S&P 500 Index and the Nasdaq Composite Index each notched record highs, with gains of 0.1 per cent and 0.3 per cent, respectively. The Dow Jones Industrial Average gave up an early gain and closed 0.1 per cent lower.

The indices have been rising steadily for months – the benchmark S&P 500 has set 35 records so far this year.

“The market is positive and steady to a nearly unprecedented degree,” said Mark Hackett, chief of investment research at Nationwide. “It’s rare to see these types of consistent gains with almost no volatility.”

The market is eagerly awaiting Federal Reserve chair Jerome Powell’s addresses to Congress on Tuesday and Wednesday for any indications of interest-rate cuts. The central bank has kept its benchmark rate at its highest level in more than two decades to tame inflation.

Treasury yields were relatively stable in the bond market. The yield on the 10-year Treasury fell to 4.27 per cent, from 4.28 per cent late on Friday.

Tweet of the day

Quote of the day

“A wise old broadcaster once told me: ‘Be yourself, get in before anyone else and work public holidays’. The formula seems to have worked.” That’s 2GB broadcaster Ray Hadley, who has notched 20 years as No.1 in the coveted mornings slot with another ratings win on Tuesday.

Meanwhile, The Kyle and Jackie O Show has failed to grow its audience in Melbourne, posting a 5.9 per cent share in the second survey since expanding into the market.

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Federal Treasury is reviewing an unknown number of foreign takeovers involving PwC after the embattled consulting firm was accused of misleading the Tax Office to help its clients receive Foreign Investment Review Board approval. The investigation could lead to criminal charges and approvals being revoked, but Treasury would not say if the review could lead to forced sales if the foreign acquirers were unable to gain fresh approval.

With AP

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